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knowledge_base.txt
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knowledge_base.txt
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Q: What happens if the security deposit does not cover the damages? | A: Mynd will send the resident an invoice for any deficit. If unpaid, Mynd will refer the resident to a collection agency. The investor covers costs above the deposit to complete repairs.
Q: Do you market my property while the resident is still living in the property? | A: Mynd pre-lists the property in most markets, advertising it as "coming soon" and accepting applications without showing occupied properties.
Q: What are the damages that the resident is responsible for? | A: Residents are responsible for cleaning, carpet cleaning, and landscaping. Normal wear and tear cannot be charged to the resident.
Q: How does Mynd determine what is needed to get the home ready for a new resident? | A: Mynd assesses the property with a vendor's estimate to determine resident charges (damages) vs. investor charges (wear and tear).
Q: What does Mynd do to limit the number of vacant days? | A: Mynd pre-lists occupied properties, transfers utilities in advance, uses in-house technicians, and updates marketing sites with virtual tours to reduce vacancy time.
Q: Do you rekey the house after the resident moves out? | A: Yes, locks are changed each time to protect the owner and ensure resident safety.
Q: As the property owner, what can I do to limit the number of vacant days? | A: Follow Mynd's recommendations, including approving upgrades, allowing pets, and considering rental price suggestions.
Q: What criteria does Mynd use to qualify applicants? | A: Review Mynd’s screening criteria, including credit, income, rental history checks, and a potential background check for those with marginal scores.
Q: Will you let me know when my home has been leased? | A: Yes, you will receive an automated email once a lease is signed.
Q: How are turnover expenses billed? | A: Expenses are billed from the property’s account, with the resident’s security deposit applied if applicable.
Q: Can the resident use their security deposit to pay the last month rent? | A: No, the deposit covers damages and outstanding fees, not rent.
Q: How many days notice does the resident have to give to move out? | A: Residents typically must give a 30-day notice, subject to state laws or non-Mynd leases.
Q: What is Mynd’s rental application process? | A: Applicants over 18 undergo a credit, income, and rental history check. Background checks are performed as needed, and residents must meet income and credit requirements.
Q: Can I lease the property myself? | A: No, as Mynd provides full-service management. Leasing through Mynd ensures compliance with housing guidelines.
Q: Can my agent list the property for lease while Mynd is managing it? | A: While Mynd prefers in-house listings to reduce costs, agents may be involved in specific markets.
Q: Does Mynd adhere to Federal Fair Housing Guidelines? | A: Yes, Mynd follows Fair Housing and Fair Credit regulations, treating all applicants equally.
Q: How long can a resident hold a property? | A: Residents can hold a property for two weeks with a deposit. Longer holds require owner approval.
Q: Does Mynd require residents to have renters insurance? | A: Yes, insurance is required before residents can access the property.
Q: Does Mynd require residents to have utilities in their name? | A: For properties without included utilities, residents must provide proof of utility activation before moving in.
Q: Does Mynd make the final decision on application approvals? | A: Yes, Mynd manages the application process fully, shielding owners from legal issues.
Q: Can I receive a copy of the applicant’s credit report? | A: No, per the Fair Credit Act, credit details are confidential.
Q: Who holds the security deposit? | A: Mynd holds the deposit and handles the security deposit disposition upon move-out.
Q: What are rent-ready standards? | A: Rent-ready standards ensure properties are clean, safe, and functional, leading to faster leases and lower vacancy rates.
Q: What is a property turnover, and what does it cost? | A: A property turnover prepares the home for a new resident, with costs detailed in Mynd’s Turns Breakdown.
Q: What does the $5,000 Mynd Eviction Guarantee entail? | A: Typical eviction costs range from $950 to $1,500. The $5,000 covers attorney and court fees during an eviction.
Q: Can I pick my own lawyer to handle the eviction? | A: Yes, you may select your own lawyer and access Mynd’s legal partners.
Q: Do Mynd's guarantees apply to my current tenant if Mynd didn’t place them? | A: Guarantees apply if the tenant meets Mynd’s professional management, rent history, and inspection requirements.
Q: Does the $2500 pet guarantee cover existing pets? | A: No, only screened pets in new leases are covered.
Q: Who determines pet damage and its cost? | A: Mynd’s portfolio associates assess and document pet-related damages during move-out.
Q: Does rental income start after my rent projections or tenant placement? | A: Income begins once a vetted Mynd resident is placed.
Q: Does rent income guarantee cover vacancy periods? | A: No, it applies only once a Mynd tenant is in place.
Q: When do I get paid if rent isn’t collected? | A: Payments are scheduled by the 25th of each month for unpaid rent.
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